The Impact Of Overseas Mergers And Acquisitions On The Innovation Capabilities Of Chinese Listed Companie

Under the background of global economy,more and more Chinese enterprises improve their technological innovation vitality through international investment,so as to enhance their position in the global value chain.At present,the main way of foreign direct investment of Chinese enterprises is overseas M&A,and the proportion of M&A activities in the investment of countries along the "One Belt and One Road" is gradually increasing.Therefore,it is of great theoretical and practical significance to study the influence of overseas M&A of Chinese listed enterprises in countries along the "One Belt and One Road" on the innovation ability of enterprises.This paper selects the data of overseas mergers and acquisitions of Chinese listed companies in countries along the "one Belt and one Road" from 2013 to 2021,and conducts an empirical study by establishing a time-fixed effect model to analyze the impact of overseas mergers and acquisitions on enterprises’ R&D and innovation ability.On this basis,it also studies the influence of the overseas M&A experience,the ownership nature of the enterprise and the industry correlation between the M&A enterprise and the M&A enterprise on the R&D innovation of the enterprise.The results show that: Overseas mergers and acquisitions of Chinese listed enterprises in countries along the "Belt and Road" can significantly promote the improvement of their R&D and innovation ability;Overseas M&A experience has a significant positive effect on R&D and innovation ability of enterprises.Both state-owned enterprises and non-state-owned enterprises can promote enterprise innovation through overseas M&A,but non-stateowned enterprises receive more significant positive incentives in overseas M&A.Both the same industry overseas M&A and cross-industry overseas M&A can improve the innovation ability of enterprises,but cross-industry M&A is more conducive to the diversification of enterprises and has a more significant positive effect on enterprise innovation.In terms of case analysis,this paper chooses the overseas merger of Jiangsu JCET Group Co.,LTD.(Singapore)STATS CHIPPAC LTD.The research shows that the R&D input and innovation output of the enterprise have been significantly improved after the merger,and the R&D innovation level of JCET has been effectively improved.From the perspective of "one Belt and one Road" research,this paper deeply discusses the mechanism of overseas M&A affecting enterprises’ innovation ability,and puts forward corresponding suggestions from the government and enterprise levels according to the research results: The government should create a good policy environment for enterprises’ overseas mergers and acquisitions along the "Belt and Road",release the dividends of the "Belt and Road" initiative for enterprises’ development,and regulate and guide enterprises’ overseas mergers and acquisitions in countries along the "one Belt and one Road".Enterprises should actively accumulate overseas M&A experience,do a good job in resource integration and formulate different M&A strategies according to the nature of enterprises and industry correlation.The conclusions of this paper enrich new policy connotation for further improving enterprises’ R&D and innovation ability and for Chinese enterprises’ M&A of countries along the "Belt and Road".